Jupiter Board Oks Buyout Bid

May 24, 1985

The board of Jupiter Industries Inc. at a special meeting approved a buyout offer of $5.8 million cash, or $37 a share, from a group of the company`s officers seeking to buy the 17 percent of Jupiter stock they don`t already control. As previously reported, the price was raised to $37 a share from the $32.50 proposed in March after the company objected to the lower figure. The buyout group includes Jupiter Chairman Jerrold Wexler. A formal agreement will be submitted to shareholders at the company`s annual meeting July 31.